But don’t count on the money.

The appraisal will look at it as a long term rental and you be able to use 75% of this given amount to count towards your income, with FHA.

If I just placed my income into the bank of my LLC then will that count as credibility?

Hi BP Fam,If I set up an LLC in, say, Illinois, and then purchase a property in Ohio, renovate and sell it, does that count as "doing business in Ohio" such that I would have to register that Illinois LLC in Ohio as a foreign entity doing business in the state of Ohio?  

I know in the long run, it's going to get reassessed periodically anyway and it shouldn't make or break the deal, but I'm a beginner here and I'm still of the "every penny counts" mindset. 

Once you get down into the smaller unit count, price per unit/door will usually be the driver for price, which appears to be the case in this property. 

Does the deal have to be a buy and hold or does a wholesale count?

Although with syndication experience counts.. lots of beginners in the space.. so one would want to use some caution..

@Tafari Howell I can't count how many contractors have been in your position and taken money from equity, credit cards, etc to make ends meet "for now".

Try meetup.com or the Bigger Pockets events section.Any rental property you purchase should be offset by the income it will generate so if you get a duplex that rents for $2000/mo (both sides combined), you will be able to count $1500/mo of that as income you can use to qualify for the next deal.Just make sure your numbers really work well.